What Is a Separation Agreement?

A separation agreement holds the key to resolving matters that arise when a couple’s relationship comes to an end. This written document serves as a legal record, capturing the terms and conditions of the settlement. It is a binding contract that can be enforced by the court, ensuring clarity and fairness for both parties involved.

Why Do Lenders Require a Separation Agreement?

Lenders require a separation agreement as evidence of a legally binding contract. This becomes especially crucial when there are assets to divide or children involved. By reviewing the separation agreement, lenders can verify the agreed-upon terms for the child or spousal support, enabling accurate assessment for mortgage stress tests.

How Can I Obtain My Separation Agreement?

If you don’t already possess a copy of your separation agreement, you can obtain one through your trusted lawyer. They will guide you through the process, ensuring that you have a comprehensive and legally sound document that addresses all necessary aspects.